FinCEN Seeks Info on US Citizens’ Offshore Bitcoin Holdings

2021-1-2 20:52

As per a new proposal by FinCEN, U.S. citizens will have to disclose any cryptocurrencies held in offshore accounts.

Overseas Americans on FinCEN’s Radar

The Financial Crimes Enforcement Network (FinCEN) under the U.S. Treasury released a notice in which the regulator proposed changing its foreign asset reporting rules to include cryptocurrencies.

If passed, the rule will enforce action against U.S. cryptocurrency users who may hold unreported crypto assets over $10,000 on overseas trading exchanges and other financial service providers.

Source: FinCEN

Under the Bank Secrecy Act, each year, U.S. citizens have to disclose their offshore financial accounts that hold assets (cash, stocks, bonds, mutual funds, and currencies) over $10,000. The reporting is done by filing a Foreign Bank and Financial Accounts (FBAR) Report with FinCEN.

However, at the moment, the list of reportable assets does not include cryptocurrencies. The regulator would like to change this. 

According to Jake Chervinsky, General Counsel at Compound, the new FinCEN rule aims to bring the U.S. crypto industry in line with the Bank Secrecy Act and improve tax reporting norms.

If I had to guess, I'd say this is primarily about (1) tax evasion & (2) bringing non-US crypto companies into compliance with the Bank Secrecy Act.

Anyone claiming to have blocked US citizens (as BitMEX claimed) will have a tough time if/when hundreds of FBARs come flooding in.

— Jake Chervinsky (@jchervinsky) December 31, 2020

This is FinCEN’s second proposed rule change within a short span of time, focusing on the crypto industry. On Dec. 23, the regulator proposed in a notice that self-hosted cryptocurrency wallets in the U.S. would have to fulfill KYC norms, a controversial rule that has seen heavy opposition.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Scry.info (DDD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.0006823
Капитализация $0 Rank 99999
Цена в час новости $ 0.0020857 (-100%)

offshore bitcoin holdings citizens seeks info fincen

offshore bitcoin → Результатов: 45


Мнение: обвал цены биткоина укрепил недоверие SEC к индустрии

Стремительное падение цены биткоина в последние несколько дней является наглядной иллюстрацией опасений Комиссии по ценным бумагам и биржам США (SEC). Об этом написал в Twitter специализирующийся на криптовалютах американский юрист Джейк Червински.

2019-9-27 10:34


Фото:

Canada’s GuildOne to Build Blockchain Solution for the Oil and Gas Sector

GuildOne Inc. , a Calgary-based distributed ledger technology (DLT) firm has been contracted by the Offshore Operators Committee (OOC) Oil and Gas Blockchain Consortium which is made up of top companies in the industry, including Chevron and ExxonMobil, to develop a blockchain-based proof-of-concept (PoC) for authorization for expenditure (AFE) balloting in the global oil and gasRead MoreRead More.

2019-9-21 09:00


Hong Kong Protests Could Boost Bitcoin as Wealthy Move Assets Offshore

Bitcoin could be boosted by the current political unrest Hong Kong as the upper and middle classes are reportedly starting to move their assets offshore. Hong Kong Begins Moving Wealth Offshore Fears over the hated extradition bill, whose introduction the Hong Kong government has only suspended but declined to withdraw, are causing the wealthy to start moving their capital from Hong Kong to offshore.

2019-6-15 22:00


Your Crypto Winter = Criminals’ Summer: Q1 2019 Crypto Thefts, Fraud Hit Whopping $1.2 Billion

By CCN. com: Even as the bearish conditions in the crypto markets persisted in this year’s first quarter, bad actors in the sector continued to thrive. According to cybersecurity firm CipherTrace, during the first quarter of the year, the amount that bad actors generated from stealing from bitcoin exchanges and operating cryptocurrrency scams reached $1.

2019-5-1 15:13


Фото:

Coinfloor Obtains DLT Provider License in Gibraltar

Coinfloor, the oldest operational cryptocurrency exchange in the U.K., has become the first company to secure a distributed ledger technology (DLT) license in Gibraltar. Also Read: 19 Companies Licensed to Operate Crypto Exchanges in Philippine Economic Zone British Overseas Territory Recognizes First Offshore Crypto Entity The London-based crypto exchange, which is backed by Transferwise founder Taavet […] The post Coinfloor Obtains DLT Provider License in Gibraltar appeared first on Bitcoin News.

2018-10-16 18:50


Фото:

Exchanges Round-Up: Palestinians Use Crypto to Transfer Offshore, LXDX Targets Retail Investors

In recent news pertaining to cryptocurrency exchanges, Palestinians are reportedly turning to crypto brokers to facilitate cross-border transactions, XBT Provider has revealed plans to launch an exchange-traded product that will track between 5-10 cryptocurrencies, and LXDX has announced that it will make its platform available to retail investors.

2018-9-19 23:55


Australia Tax Office Says Investors Trading Cryptos Offshore Won’t Escape Tax Obligations

The Australia Tax Office (ATO) wants to do its job properly and is bent on collecting all taxes from its citizens. Even those tech-savvy bunch belonging to the crypto crowd won’t be able to escape its clutches as the agency will be using the latest in data matching techniques, as well as the cooperation of […] Australia Tax Office Says Investors Trading Cryptos Offshore Won’t Escape Tax Obligations was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-7-13 14:59